Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,698/mo
Lowest payment- Down payment
- $360,618
- Funds due
- $381,538
- Interest + MI left
- $293,570
- First ends
- Feb 2052
Assumption
Assumption + second
$5,561/mo
+$1,863/mo- Down payment
- $100,618
- Funds due
- $123,119
- Interest + MI left
- $704,132
- First ends
- Feb 2052
New loan
New conventional
$6,874/mo
+$3,176/mo- Down payment
- $100,618
- Funds due
- $117,273
- Interest + MI left
- $1,312,121
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $637,382 | $637,382 | $897,382 |
| Second mortgage | — | $260,000 | — |
| First P&I | $3,082.62 | $3,082.62 | $6,079.18 |
| Second P&I | — | $1,862.67 | — |
| Mortgage insurance | — | — | $179.48 |
| Taxes, insurance & HOA | $615.83 | $615.83 | $615.83 |
| Total housing payment | $3,698.46 | $5,561.13 | $6,874.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$100,618
Closing costs & prepaids$22,501
Usable credit−$0
Total buyer cash needed$123,119
Earnest money paid−$0
Remaining funds due$123,119
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,980.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,186.91
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,197.50
Prepaid interest, first (6 days)$337.38
Prepaid interest, second (6 days)$331.23
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing25 yr 2 moOf the original 30-year loan at 3.22%
Interest already paid$105,174Through Dec 2026
Assumption only · ends Feb 2052$293,570
Assumption + second · ends Feb 2052, second Jan 2057$704,132
New conventional · ends Jan 2057$1,312,121